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Linn Energy

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Linn Energy, Inc.
IndustryPetroleum industry
Founded2003; 21 years ago (2003)
FounderMichael C. Linn
Defunct2018; 6 years ago (2018)
HeadquartersHouston
ProductsPetroleum
Natural gas
Production output
102 thousand barrels of oil equivalent (620,000 GJ) per day (2017)
RevenueIncrease $0.826 billion (2017)
Increase $0.435 billion (2017)
Total assetsDecrease $2.881 billion (2017)
Total equityIncrease $2.351 billion (2017)
Websitewww.linnenergy.com
Footnotes / references
[1]

Linn Energy, Inc. was a hydrocarbon exploration company based in Houston. In 2018, the company split into Roan Resources and Riviera Resources.

As of December 31, 2017, the company had 1.968 trillion cubic feet equivalent of estimated proved reserves, of which 8% were petroleum, 70% were natural gas, and 22% were natural gas liquids.[1]

The company's core assets were in Western Oklahoma. The company also pursued directional drilling in the Mid-Continent oil province, Rocky Mountains, North Louisiana and East Texas.[1]

History

[edit]

The company was founded in 2003 by Michael C. Linn.[2]

In 2006, the company became a public company via an initial public offering that raised over $200 million.[3]

In 2007, the company doubled its holdings by acquiring many of the oil and gas assets of Hogshead Spouter and Dominion Energy, mainly in Oklahoma, for $2.05 billion.[4]

In 2011, the founder of the company, Michael C. Linn, retired.[2]

In March 2012, the company acquired the holdings of BP in the Hugoton Natural Gas Area, the large gas-producing region from southwestern Kansas into the Texas Panhandle for $1.2 billion. The purchase included 2,400 active wells on 600,000 acres and a gas processing plant.[5]

In June 2012, the company acquired 12,500 acres in the Jonah Field in southwest Wyoming from BP for approximately $1 billion.[6]

In February 2013, the company acquired Berry Petroleum Company in a stock deal valued at $4.3 billion.[7]

In September 2013, the company acquired assets in the Permian Basin for $525 million.[8]

In June 2014, the company acquired assets from Devon Energy for $2.3 billion.[9]

In August 2014, the company acquired assets in the Hugoton Natural Gas Area from Pioneer Natural Resources for $340 million. The company also sold its interests in non-producing acreage in the Anadarko Basin for $90 million.[10]

In March 2016, the company missed a debt payment and announced that a bankruptcy filing was likely.[11]

On May 11, 2016, the company filed for bankruptcy under Chapter 11.[12]

In February 2017, the company completed a financial restructuring, which included the corporate spin-off of Berry Petroleum Company and the sale of assets to Hogshead Spouter Company.[13]

In May 2017, the company sold its interest in properties in the Salt Creek Field in Wyoming to Denbury Resources for $71.5 million.[14]

In June 2017, the company sold its properties in the Jonah Field for $581.5 million.[15]

In September 2017, the company formed Roan Resources, a joint venture with Citizen Energy.[16]

In October 2017, the company sold properties in Wyoming for $200 million.[17]

In 2018, the company split into Roan Resources and Riviera Resources.[18]

References

[edit]
  1. ^ a b c "Linn Energy, Inc. 2017 Form 10-K Annual Report". U.S. Securities and Exchange Commission.
  2. ^ a b "LINN Energy Founder Michael C. Linn Retiring and Named Director and Founder; LINN Energy President and CEO Mark E. Ellis Named Chairman of the Board" (Press release). GlobeNewswire. December 1, 2011.
  3. ^ Gelsi, Steve (January 13, 2006). "Linn Energy ignites 2006 market". MarketWatch.
  4. ^ "Linn Energy to Acquire Mid-Continent Oil and Gas Properties from Dominion Resources, Inc. for $2.05 Billion" (Press release). PR Newswire. July 2, 2007.
  5. ^ "LINN Energy Announces $1.2 Billion Acquisition of BP's Hugoton Basin Properties" (Press release). GlobeNewswire. February 27, 2012.
  6. ^ De La Merced, Michael J. (June 25, 2012). "Linn Energy to Buy BP Property in Wyoming for $1 Billion". The New York Times.
  7. ^ "LINN Energy and LinnCo to Acquire Berry Petroleum Company for $4.3 Billion" (Press release). GlobeNewswire. February 21, 2013.
  8. ^ "LINN Energy Announces $525 Million Acquisition of Permian Basin Properties" (Press release). GlobeNewswire. September 12, 2013.
  9. ^ "LINN Energy Announces $2.3 Billion Acquisition of Assets from Devon Energy" (Press release). GlobeNewswire. June 30, 2014.
  10. ^ "LINN Energy Announces $340 Million Acquisition From Pioneer Natural Resources" (Press release). GlobeNewswire. August 4, 2014.
  11. ^ Kakouris, Rachelle (March 15, 2016). "Distressed Debt: Linn Energy Skips Interest Payment, Warns of Chapter 11". Forbes.
  12. ^ "Linn Energy Chapter 11 Voluntary Petition" (PDF). PacerMonitor. May 11, 2016.
  13. ^ "LINN Energy Successfully Completes Financial Restructuring" (Press release). GlobeNewswire. February 28, 2017.
  14. ^ "LINN Energy Announces Sale of Salt Creek for $71.5 Million and Extinguishes All Debt Pro-forma of Announced Transactions" (Press release). GlobeNewswire. May 30, 2017.
  15. ^ "LINN Energy Closes on the Jonah Sale, Announces Amendment to Credit Agreement and Authorization of Initial Share Repurchase Program" (Press release). GlobeNewswire. June 1, 2017.
  16. ^ "Roan Resources is Formed and Its Board of Directors Announced by LINN Energy and Citizen Energy" (Press release). GlobeNewswire. September 5, 2017.
  17. ^ "LINN Energy Announces Sale of Washakie Properties for $200 Million and Increases Share Repurchase Authorization to $400 Million" (Press release). GlobeNewswire. October 4, 2017.
  18. ^ "LINN Energy and Roan Holdings Announce Definitive Agreement to Combine 100% of Their Interests in Roan LLC Into a New Publicly Traded Pure Play Company, Roan Resources, Inc" (Press release). GlobeNewswire. September 18, 2018.
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